And Now for the Real Health-Care Reform

Corporate America's switch to private health-care exchanges could be a bigger deal than Obamacare.

Some of the biggest employers in the U.S.—AT&T, DuPont, General Electric, IBM, Time Warner, and Walgreen—have started to shift the management of health-care costs onto their employees. Increasingly, workers must use so-called private health-care exchanges, self-directed marketplaces in which they can select their coverage and pay for it via a contribution from their employer. While small and midsize companies have used such exchanges for years, the giants of...